July 3 (Bloomberg) -- Canada’s housing agency said Royal Bank of Canada and Canadian Imperial Bank of Commerce have registered to issue covered bonds under a new government framework.
The banks are the first to register under a legal framework introduced by the federal government last year, Canada Mortgage & Housing Corp. said today in a statement.
“Having met the requirements of the program, CIBC and RBC are now in a position to issue the first covered bonds under the framework,” Douglas Stewart, Interim President and chief executive officer at Ottawa-based CMHC, said in the statement. “We expect that other issuers will soon have registered programs in place.”
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